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The new owner plans to
rebrand the 400-unit riverfront multifamily community as “Pier 5350.” It also
plans a $2 million renovation.

“We are very happy to
close on our second acquisition in Florida and have high expectations for this
property and the overall Florida market,” said Bill McConaghy, 29SC’s Vice President of Acquisitions for Florida.

“Pier 5350, situated on
the St. Johns River, is in a great location and offers some of the largest
floorplans and townhomes in the submarket. We believe our renovations will
further enhance the property and we are excited for the future.”

Bill McConaghy

Pier 5350 is just over the
Mathews Bridge from downtown Jacksonville with clear poolside views of EverBank
Field, home of the Jacksonville Jaguars.

Jacksonville has healthy job growth;
in the past year, companies such as Amazon, Citibank and E&Y have announced
a total of 1,750 new jobs. The Jacksonville metro area has an unemployment rate
of only 4.7%, which has consistently improved in recent years.

29SC plans to improve the
property by repairing deferred maintenance, installing new exterior lighting
and improving the leasing center and amenities. Unit interiors will also be
improved with the goal of improving the overall quality of the property.

Desirable features include
the 240-foot dock on St. Johns River, three swimming pools, a private park with
river views, and a fitness center. The transaction closed December 30, 2016.
The price was not released.

29th Street Capital
acquired 12 multifamily assets in 2016 and continues to actively pursue
additional opportunities throughout the U.S.
The firm will continue to target strategic value-add deals which are
below the institutional radar, with the intention of offering its investors
above market returns.